INTERVIEW: Reining in the Money Masters

•Without real monetary, banking reform, it matters not which party is in power in D.C.

By Keith Johnson —

The 2014 midterm elections brought many changes to the American political landscape, most notably the purging of Democrats from both the House and Senate. That means the Republican Party will seize control of the 114th Congress come January with Senator Mitch McConnell (R-Ky) taking the helm as majority leader in the Senate. Will these changes bode well for the United States economy, or does this new majority bring with it a whole new set of problems?

For one perspective, this AMERICAN FREE PRESSreporter consulted film producer Patrick S. J. Carmack,whose 1995 documentary “The Money Masters” helped bring mainstream awarenessto the origins of fractional reserve bankingand how international bankers have used it toseize control of the American economy and politicalstructure.

When asked if the incoming lineup of politiciansstood a better chance than their predecessorsof steering the nation through the next fouryears of financial crises, Carmackreplied: “As I imagine you know,the GOP is slightly more pro-bankthan the Democrats. Only if RandPaul has earned enough power andpolitical capital with McConnell toadvance some of his AustrianSchool economics policies will anothereconomic downturn beavoided. McConnell is clueless onthe economy, as is the GOP in general.They differ from the Democrats only by degree,not on principles.”

Carmack stressed that his endorsement of Austrianeconomics principally referred to its positionon fiat currencies and opposition to excessivegovernment interference in the marketplace.

“Regarding fiat currencies,” he explained, “theAustrians are correct that absent a constitutionalamendment as proposed by [late economist] MiltonFriedman—setting either a 0% or low,fixed rate of monetary growth—only tethering thecurrency to a commodity, such as gold, can disciplinegovernments not to debase their currency.The Austrians are also correct that in every instancein which fiat currencies have been untetheredfrom gold or some other commodity. Thegovernments involved have sooner or later printedmore money than an increasing supply of goodswarrants, resulting in price inflation. We all knowthis has and is happening in the U.S., and quite dramaticallyin the last few years.”

Carmack went on to suggestthat any significant reforms tothe U.S. economy will be difficultsince its control was longago surrendered over to the Federal Reserve,the International Monetary Fundand especially the Bank of InternationalSettlements.

“They seek world power, and care nothing about the human suffering that will result as they manipulate economies to consolidate it,” he explained. “Those few who have any qualms about it console themselves with the thought that in the end, control of the world by them will be more benevolent and will end wars, and so on. Of course the opposite will be the reality—wars will be endless. Other than Rand Paul, there is no way any politician in the GOP or Democrats would stand up to them or even know how.”

The ever-increasing consolidation of bankingpower has also contributed to neutralizing anymeaningful political intervention, as Carmack explained:“The number of banks in the U.S. has declinedfrom a high of over 18,000 to just under7,000 now. Over 10,000 U.S. banks have closedsince 1984. This has, of course, contributed to theconcentration of deposits and loans in fewer andfewer, larger banks. In the U.S. at present, fourbanks—Bank of America, Chase, Citibank andWells Fargo—control the majority of assets anddeposits. Throw in Goldman Sachs and the totalapproaches $9 trillion in assets—close to 60% ofthe total. The other 7,000 banks control about40%. This concentration of economic wealth andpower in the hands of just five men—the CEOs ofthose banks—is quite obviously a danger to democraticgovernment, particularly when you realizethat much of that economic power has gonetoward consolidating and protecting that powerthrough political PACs and media control, both direct and indirect.”

Carmack says Americans will now want theGOP to tackle the hot-button issues of economicstability and inequality, tasks most Democratshalfheartedly addressed during their eightyears in control of Congress.

“The cosmetic changes adopted in the [2010]Dodd-Frank [Wall Street Reform and Consumer Protection] Actsimply didnot go to the root problem: fractional reservebanking,” Carmack said. “Until the power to createmoney out of nothing is taken away from thebanks and 100% reserve banking instituted, theconcentration of wealth and economic instabilityboth in the U.S. and worldwide will accelerateand the growing income inequality between thehaves and have-nots and the 1% versus the 99% will get much worse.”

3 Comments on INTERVIEW: Reining in the Money Masters

The scam is that money is silver and gold coinage, only, and they absolutely do not want to give it back to everyone, to whom it rightfully belongs.

When chaos has ensued, their plan would be to bring back the gold standard, which will be more worthless paper, coins and electronic entries, supposedly backed by gold in a vault somewhere that they will control; use as they like in reality.